The last date for filing income tax returns in India for the financial year (FY) 2018-19 (and assessment year 2019-20) is July 31, 2019.

Filing of ITR is a mandatory obligation where tax payers detail their annual income from salary and other sources, allowances and reliefs claimed, and investments.

In India, the income tax slabs and tax rates vary for different categories of taxpayers. For individual residents below 60 years of age, the tax rates and slabs for FY 2018-19 and AY 2019-20 are given below.

Tax Slabs for Individual Residents Below Age of 60 Years

In addition to the tax and surcharge, the government levies health and education cess at 4 percent on the total tax computed.

There are separate rates for senior individual residents (above 60 years) and ‘super senior’ individual residents (above 80 years).

The International Payroll and Human Resources team at Dezan Shira & Associates has developed a simple calculator to help taxpayers determine their tax returns against the above rates of tax.